Specialty label and packaging supplier CCL Industries has signed a binding agreement to acquire Bandfix for CAD $18m and says the purchase will give it a foothold in Switzerland.

The Toronto-based company describes Bandfix as a privately owned label company "increasingly focused on European Specialty customers with estimated sales for the calendar year of 2014 of CAD $47m and anticipated adjusted EBITDA of approximately CAD $3.5m".

CCL expects the transaction to close this quarter subject to regulatory approval and Geoffrey Martin, company president, welcomed the deal.

"Bandfix has a long history in the European label industry and brings to CCL a foothold in Switzerland, home to the headquarters of many important global customers, especially in the Healthcare & Specialty space," he said; Bandfix also produces labels for food and beverage customers.

"We are pleased to welcome Bandfix employees to CCL and have solid plans to invest in Switzerland to develop the business for future growth and improved profitability. The operation will change its trading name post close to CCL Label, Switzerland and report to Guenther Birkner, president of our Food & Beverage business and our senior operating leader in Europe based nearby in Austria," Martin added.

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